LSAF Internal Control Questionaire

• Audit Title

• Document No.

• Client / Site

• Conducted on

  Date

• Prepared by

• Location
  Address

• Personnel

General:

• Does the principal review and approve the month end financial reports in detail each month?

  Yes

  No

  N/A

• Are unexplained differences that are found in the financial reports justified by the finance technician?

  Yes

  No

  N/A

• Does the finance technician receive W-9s from applicable vendors (1099 vendors) to send to central accounting with the Local School Payments to Non Employees Report (FS 155) so that 1099's are filed on a consolidated basis (all schools in the school system) for applicable vendors?

  Yes

  No

  N/A

Fundraisers:

• Does the principal or the appointed designee approve all fund raisers in writing?

  Yes

  No

  N/A

• Do the sponsors receive a trial balance reports detailing the activity of the Fundraisers?

  Yes

  No

  N/A

• Are Fundraisers accurately documented with all receipts and disbursements properly justified?

  Yes

  No

  N/A

• Are fundraisers conducted by auxiliary organizations (e.g. PTA, Booster Club, Community/Business Partnerships) that support school activities?

  Yes

  No

  N/A

Bank Reconciliation:

• Are bank statements reconciled by the finance technician each month in a timely manner?

  Yes

  No

  N/A

• Does someone other than the finance technician receive and open the bank statements?

  Yes

  No

  N/A

• Are outstanding checks > 180 days investigated, voided, or reissued?

  Yes

  No

  N/A

• On a monthly basis does the principal or designee review the bank reconciliations?

  Yes

  No

  N/A

Cash Receipts:

• Are School Finance Deposit Slips (FS 131 or FS 131A) completed for all monies received?

  Yes

  No

  N/A

• Do School Finance Deposit Slips (FS 131 or FS 131A) account for cash and checks separately?

  Yes

  No

  N/A

• Is the individual remitting the funds named as the depositor on the School Finance Deposit Slip prepared for deposit?

  Yes

  No

  N/A

• Does the individual remitting the funds receive copy of the School Finance Deposit Slips (FS 131 or FS 131A)?

  Yes

  No

  N/A

• Are deposits made in compliance with Regulation 5810.7 (School Activity Funds Management)?

  Yes

  No

  N/A

• Are voided School Finance Deposit Slips (FS 131 or FS 131A), due to an error or other mistake, clearly marked and retained by the Finance Technician?

  Yes

  No

  N/A

• If available, are all appropriate support retained with the School Finance Deposit Slips (FS 131 or FS 131A) so that deposits are properly document?

  Yes

  No

  N/A

• Are all checks received immediately stamped “for deposit only."

  Yes

  No

  N/A

• Are School Finance Deposit Slips (FS 131 or FS 131A) written for monies received from auxiliary organizations (e.g. PTA, Booster Club, Community/Business Partnerships) that support school activities?

  Yes

  No

  N/A

Cash Disbursements

• Are all disbursements made by check or Pcard?

  Yes

  No

  N/A

• Is there a change fund at the school?

  Yes

  No

  N/A

• Is there a petty cash fund at the school?

  Yes

  No

  N/A

• Are all Pcards controlled by the finance technician, requiring the cards to be signed out and all purchases to be logged?

  Yes

  No

  N/A

• Are all Pcards kept under lock and key when they are not signed out?<br><br>Where are cards maintained?<br><br>Who has access to the cards?

  Yes

  No

  N/A

• Are Purchase Orders pre-approved and signed by the principal?

  Yes

  No

  N/A

• Does the Principal examine all the supporting documentation before approving a payment?

  Yes

  No

  N/A

• Are checks ever signed by the principal or designee without review of supporting documentation?

  Yes

  No

  N/A

• Are checks endorsed by the by use of a signature stamp?

  Yes

  No

  N/A

• Are three telephone bids received and documented for all purchases greater then $5,000 and less than $10,000?

  Yes

  No

  N/A

• Are three written bids requested and documented for all purchases greater than $10,000?

  Yes

  No

  N/A

Transfers and Adjustments

• Are fund transfers and adjustments reviewed and pre-approved in writing by the school principal?

  Yes

  No

  N/A

Ticket Managment

• Are all tickets maintained in the custody of the Ticket Manager?

  Yes

  No

  N/A

• Are ticket reconciliations prepared by the individuals selling the tickets and then approved by an authorized official?

  Yes

  No

  N/A

• Are routine shortages immediately investigated?

  Yes

  No

  N/A

• Are monies from athletic events submitted to the finance technician in a timely manner with School Finance Deposit Slips (FS 131 or FS 131A)?

  Yes

  No

  N/A

• Are expenses associated with athletic events always paid by check?

  Yes

  No

  N/A

• Have expenses associated with these events been paid by gate receipts?

  Yes

  No

  N/A